Niu Technology’s Incredible Growth
The third quarter saw continued growth in sales of Niu Technology’s products, leading to depletion of stock in October. However, in November-December, the positive trend continues. In the first 10 months of 2020, worldwide sales of Niu electric cycles were 493,000 units, of which 93% of the total were sold domestically.
Niu worldwide sales for 10 months of 2020
Niu Tech’s sales dynamics this year is impressive, despite the fact that the company faced quite obvious difficulties in the first quarter, and business activity in China was frozen in February, which resulted in production delays of 30 days, followed by delivery delays. to the local and international market.
The first quarter showed a dip of 39.4%, but then the Chinese manufacturer of electric motor vehicles, despite everything, showed an excellent result: the second quarter showed an increase of 76.2%, and the third – 87.9%.
Sales growth slowed in October due to a shortage of products due to rapid sales in the third quarter, but in November (whose results have not yet been calculated) growth is expected to be at the level of 30-40 percent.
The first 10 months of this year showed a sales level of 493 thousand units, which is 52.3% higher than sales for the same period last year, of which 93% were supplied to the domestic market.
Motorcycle sales for 2020 in the Chinese domestic market are forecast to be at last year’s level, but EV sales are experiencing impressive growth, with e-bikes sold up 43 percent in July. Moreover, Niu is the fastest growing brand in the country, with sales growing more than 50% in 10 months.
Focusing on the growing domestic market, Niu is nevertheless developing a presence in other markets around the world, currently supplying products to 43 countries. After China, the priority markets for the company are Europe and the countries of Southeast Asia, but the brand is also active in the Americas.
If growth trends continue, then the current capacity of the enterprise (which is approximately 750,000 units of production per year) will not be enough to fully meet demand from the second half of 2021. However, this is not a problem, since in May the company already paid for the right to use another plot of land to expand production.